Question

In 2019, your father gave you a gift of property with a fair market value (FMV) of $75,000. His adjusted basis was $50,000. The gift tax paid was $7,440. What is your basis in the property?


A.
$75,000

B.
$57,440

C.
$53,100

D.
$50,000

Answer 1

Answer:

your basis is 57440

Explanation:

just take the basis of the father and plus the gift tax